London, Paris, and New York – how did these and other cities become ‘great’? Christopher Kennedy explained:

For a city to be great it must be rich. And the wealthiest cities are financial centres which host key financial markets.

To become the centre of finance a city must go through a four step process. It must first become a centre of commerce, then industry, then a transportation hub, and then finally a financial centre.

Quebec, for example, lost out to Toronto as Canada’s great city, because it didn’t property invest in transportation infrastructure. A failed airport launch meant that international travelers preferred flying through Toronto and the rest, is history.

Read more about cities, and those that grow without being financial centres over here.